Lead - Operational Risk Management

4 hours ago

Mumbai Metropolitan Region, IN Magma General Insurance Limited Full time

Department: Risk Management

Total Work Experience: 12 + years in General Insurance Industry

Education: Chartered Accountant / MBA (Finance) – Preferred but not necessary


Duties and responsibilities:-

  • Lead and coach team members in risk identification, risk assessment/evaluation and risk treatment approaches
  • Initiate and develop Operational Risk processes according to defined operational risk framework, policies and standards for risk management.
  • Execution of special reviews for areas which are core, technical and high risk for the organization.
  • Demonstrate in-depth knowledge of business risks, processes, and internal controls of the organization.
  • Manage and perform regular PAN INDIA defined Branch visits for process audit and report process inefficiencies
  • Review of OR Framework and related policies related to business unit
  • Implement plan to prevent, eliminate/minimize and mitigate operational risks.
  • Support the business to design controls to enable risk management for new products/processes
  • Drive continuous improvement in the business control environment
  • Re-design processes including opportunities for automation
  • Conducting periodic reviews with management team and respective stakeholders, documenting minutes and timely closure of ATRs.
  • Review of revised SOPs and oversee effective design of controls for all revised/ changed processes
  • Publishing KRI Dashboard and OR Event Dashboard to Functional Heads on a periodical basis.
  • Team management- Goal setting and monitor team performance
  • Performing theme based reviews, in order to identify process lapses and build strong control
  • Leading business continuity related activities

Specialized skills & competencies:-

  • Ability to engage with senior leadership in all aspects of OR management
  • Creative, out-of-the-box thinking, always keep an eye on the future
  • Strategic and analytical thinking
  • Strong communication, interpersonal & networking skills
  • Excellent Problem solving and decision-making skills, take responsibility & establish success criteria
  • Good Technical Knowledge in General Insurance
  • Excellent working on Excel & Power Point
  • Team Management skills.

The roles need to interact with both internal/ external stakeholders to enable success in day-to-day work. This role also would require PAN India travel

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